The Withdrawal from the Euro: A Feasible but Not Desirable Solution The purpose of the present paper is to study the possibility of a ‘unilateral withdrawal’ of Member States whose currency is the Euro from the European Economic and Monetary Union (EMU), thereby reconstructing what might be called a ‘status ante euro’. Starting with a general analysis on the matters of the euro crisis and the EMU concept and on the dichotomy between Member States with a derogation on the one hand and Member States whose currency is the euro, on the other, the focus is put on the debate surrounding the euro exit issue, paying particular attention to the legal nature and function of the withdrawal’s right according to an international and European union law perspective. A right to leave the euro is not provided for in the European treaties, because according to the founding fathers of the single currency the EMU is an irreversible process. Nevertheless, it is submitted that admitting the withdrawal from the euro no longer appears to be unrealistic, even if such a withdrawal can be exercised only under extraordinary circumstances. However, in the Author’s opinion, a Member State’s exit from the single currency is not in harmony with the European integration process and it is therefore problematic for the legal, economic, social and political costs involved.

Il recesso dall'euro : una via percorribile, ma non auspicabile / G. Peroni. - In: STUDI SULL'INTEGRAZIONE EUROPEA. - ISSN 1970-0903. - 10:1(2015), pp. 85-107.

Il recesso dall'euro : una via percorribile, ma non auspicabile

G. Peroni
Primo
2015

Abstract

The Withdrawal from the Euro: A Feasible but Not Desirable Solution The purpose of the present paper is to study the possibility of a ‘unilateral withdrawal’ of Member States whose currency is the Euro from the European Economic and Monetary Union (EMU), thereby reconstructing what might be called a ‘status ante euro’. Starting with a general analysis on the matters of the euro crisis and the EMU concept and on the dichotomy between Member States with a derogation on the one hand and Member States whose currency is the euro, on the other, the focus is put on the debate surrounding the euro exit issue, paying particular attention to the legal nature and function of the withdrawal’s right according to an international and European union law perspective. A right to leave the euro is not provided for in the European treaties, because according to the founding fathers of the single currency the EMU is an irreversible process. Nevertheless, it is submitted that admitting the withdrawal from the euro no longer appears to be unrealistic, even if such a withdrawal can be exercised only under extraordinary circumstances. However, in the Author’s opinion, a Member State’s exit from the single currency is not in harmony with the European integration process and it is therefore problematic for the legal, economic, social and political costs involved.
Settore IUS/13 - Diritto Internazionale
Settore IUS/14 - Diritto dell'Unione Europea
2015
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/342290
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